Cardano has recently seen a resurgence in bullish sentiments, despite its struggles to perform as well as other major cryptocurrencies in the market. This uptick in positive sentiment comes at a time when the overall crypto market is showing signs of recovery. Bitcoin has reclaimed the $61,000 price mark, leading to increased optimism across the board.
Even though Cardano has dropped out of the top 10 largest assets list, it is still benefiting from this wave of optimism. According to Santiment, Cardano’s weighted sentiment score currently stands at an impressive 1.69, surpassing even major assets like Bitcoin and Ethereum. This surge in positive sentiment is at its highest level in 2024, despite Cardano’s 47% slump over the past five months.
The contrast in market trends is evident, with Cardano experiencing a rise in positive sentiment while struggling to see significant price recovery. The upcoming Chang hard fork, which will introduce Voltaire, Cardano’s final era, and a governance shift, could be driving this optimism. However, the market has not yet translated this positivity into substantial price gains, with ADA still trading near its recent lows.
Cardano is currently trading at $0.3438, showing a 2.1% increase for the day. The asset faces strong resistance at $0.3872, with further obstacles at $0.4409 and $0.4741. On the downside, support levels are at $0.3336 and $0.3004. The Aroon indicator reveals a moderate uptrend with Aroon Up at 35.71%, but little downward momentum with Aroon Down at 0.00%.
Comparisons
In comparison, assets like Bitcoin and Binance Coin have shown clearer correlations between sentiment and price movements. Bitcoin, with a sentiment score of 0.54, has maintained its recovery above $61,000, while BNB, with a sentiment of 0.77, has surged by 9% in the past week. Cardano, on the other hand, is still struggling to break through key resistance levels despite the positive sentiment surrounding it.
While Cardano is benefiting from a surge in positive sentiment, its price struggles continue to be a point of concern. The upcoming Chang hard fork and governance shift could potentially drive further optimism in the market, but it remains to be seen whether this will translate into significant price gains for ADA. Investors and traders should keep a close eye on key resistance and support levels to gauge the future direction of Cardano’s price movement.
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